Haddock Corp. purchased $1,000 6% bonds of Solar Corporation when the market rate of interest was 14%. Interest is paid semiannually, and the bonds will mature in five years. Using the PV function in Excel, compute the price Haddock paid (the present value) for the bond investment. (Assume that all payments of interest and principal occur at the end of the period. Round your answer to the nearest cent.).

Haddock paid $ ________ on the bond investment.